SFR Altice France - comment

Moody’s also downgraded by one notch the Altice France entity. This rating change is based on operational issues, with cash flow generation remaining weak in France due to lower fixed consumer revenue and increased energy costs. No improvement is expected in FY23, with improvement in FY24 and beyond due to lower Capex levels. However, future refinancing of the 2025 maturities will lead to higher interest charges, resulting in negative free cash flow for Altice France for FY23 and FY24. 

Altice France is a name we wish to examine in more detail, especially the evolution of customer numbers following the Q1 lower levels.